Common use of Dissolution and Termination of the Partnership Clause in Contracts

Dissolution and Termination of the Partnership. The Partnership shall be dissolved upon the occurrence of any of the following: (1) The bankruptcy or insolvency of the General Partner or the occurrence of any other event that would permit a trustee or receiver to acquire control of the affairs of General Partner and the failure of a Majority of Interest of limited Partners to elect another General Partner; (2) The withdrawal from the Partnership, death, or insanity of the General Partner and failure of a Majority in Interest of Limited Partners to select a successor General Partner; (3) Agreement of the General Partner and a Majority in Interest of Limited Partners to dissolve; (4) Any disposition of all of the property of the Partnership; (5) The termination of the Partnership pursuant to Section 1.6; or (6) The occurrence of any other circumstances that by law would require the Partnership to be dissolved. The dissolution shall be effective on the day on which the event causing dissolution occurs, but the Partnership shall not terminate until its assets have been distributed in accordance with the provisions of this Agreement.